At 08:02 PM 8/11/96 -0400, Perry E. Metzger wrote:

Clearly, wages are defined by supply and demand -- not by "capital investment".

However more capital, relative to labor, influences demand, and more labor, relative to capital, influences supply. But in practice, the mobility of capital and the importance of labor is such that this has little effect. How much capital do you need to provide a job for a software engineer? The major determinant of someones value on the international market is who has coercive power over him, not the national supply of capital. Capital does not come from nations, but from individuals. --------------------------------------------------------------------- | We have the right to defend ourselves | http://www.jim.com/jamesd/ and our property, because of the kind | of animals that we are. True law | James A. Donald derives from this right, not from the | arbitrary power of the state. | jamesd@echeque.com